Aurora Cannabis Inc. buys Safari Flower Co. in $26.5M deal | CBC News
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Aurora Cannabis Inc. has bought Safari Flower Co. —a cannabis cultivator and manufacturing company — in a stock-and-cash deal valued at $26.5 million.
The acquisition includes a $2-million cash payment that is contingent on satisfaction of certain conditions, Aurora company officials said in a news release Wednesday.
The Edmonton-based company said Safari Flower has a 59,000-square-foot indoor cultivation and manufacturing facility in Ontario that will serve its expansion plans.
The facility has EU Good Manufacturing Practices (EU GMP) certification, the required standard for Canadian cannabis producers wishing to export medical cannabis to European Union markets.
Aurora company officials say the deal will increase its capacity to supply key international markets, including Germany, Australia, Poland and the United Kingdom.
Aurora executive chair and chief executive Miguel Martin says the acquisition of Safari Flower marks an important milestone as the company looks to grow its international medical cannabis business.
“We intend to leverage our extensive plant science and operational expertise to increase the supply of high quality, EU GMP manufactured flower that further enhances our leadership in these expanding, high margin and highly regulated markets,” Martin said in a statement Wednesday.
Martin says an enhanced supply chain will enable it to capture greater international market share while delivering superior quality and value to patients.